Mallya's letter to the IT Department revealed that he had a company called Venture New Holding Ltd in British Virgin Islands.

Investigations into the loan default case against former Kingfisher Airlines boss Vijay Mallya have revealed that he had companies and trusts in Bahamas and Virgin Islands. Investigators are now probing whether these companies were used by him to divert the bank loan money Mallya owes nearly Rs 9

Investigations into the loan default case against former Kingfisher Airlines boss Vijay Mallya have revealed that he had companies and trusts in Bahamas and Virgin Islands. Investigators are now probing whether these companies were used by him to divert the bank loan money Mallya owes nearly Rs 9,000 crore to a consortium of bank.

India Today has accessed the two summons that the Income Tax Department had shot to Vijay Mallya in 2013 asking him to produce details about his foreign investments. However, the liquor baron had then snubbed the IT department saying he was an NRI and is not obliged to reveal information regarding his overseas business interests and bank accounts.

Mallya's letter to the IT Department revealed that he had a company called Venture New Holding Ltd in British Virgin Islands. But later the company was struck off from the records of the company registry department.

According to sources in the Enforcement Directorate, in 2015, Mallya had links with three companies in Bahamas. The funds from these three companies were transferred into three trusts in Bahamas and again to three other companies. The investigating agencies are now looking into these transactions. The names of the three companies are: Breachwood Hills, Sancoast Valley, Bayside Enterprises. Funds from these companies were transferred to three trusts.

The investigating agencies are trying to unravel the mystery behind these trusts. Help of Financial Intelligence Unit is also being sought. Other than Bahamas, agencies have also got to know about Mallya's links to British Virgin Islands company called Venture New Holding Ltd. It is suspected that Mallya was shareholding beneficiary in this company.

He is also suspected to be linked to another company called Sharecorp Ltd. The agencies are now probing the source of funds flown into these companies.

The Enforcement Directorate has already approached the government to revoke Mallya's passport so that he can be brought back to India for further investigation into his dubious business deals.